Global supply chains are on the move. Executives have been hit with the harsh reality that the risk (supply chain, geopolitical, cyber, IP, etc.) is far higher than they realized when they outsourced with an eye to cost.
Manufacturing appears to be turning the corner. According to the ISM, the Purchasing Managers Index (PMI) recorded a contraction but at the slowest pace of the recent cycle. In fact, this is the third straight month of improvement.
A lack of visibility, labor shortages, and surging shipping costs make navigating the supply chain feel impossible.
ERP and related technologies should only be a priority if you want to grow and succeed for decades to come. If not, it will be the same as if you said you wanted to stick with the horse and buggy instead of leaping into a Ford.
Globalization is not working. Geopolitics abound. For example, the war in Russia and Ukraine ravages on. There are concerns around the nuclear power plant in Ukraine, occupied by Russia. And that is aside from the impact on oil, food, commodities and much more. China continues to threaten Taiwan and has already changed Hong Kong. It is no longer the same for business. There are countless risks throughout the world.
It is not easy to expand your thinking, open yourself up to new ideas, and think creatively while completely focused on day-to-day execution. Yet it will be the most important ingredient to success in the next several years.
In manufacturing and supply chain, AR (augmented reality), VR (virtual reality) and digital twins (digital representation of an intended or real-world physical product, system or process) are a few exciting opportunities with a multitude of uses.
It is a whirlwind and confusing. Here is a quote that sums it up perfectly: From a salesperson at a client recapping the conversations at a recent industry conference - Everyone is skeptical, but we are all seeing orders and backlog remain pretty robust.
ChatGPT and generative artificial intelligence have rapidly moved into the spotlight, sparking both excitement and concern across manufacturing and supply chain organizations. Leaders are asking a practical question: is this technology a game changer or a risk? While AI offers the potential to streamline processes, enhance decision-making, and improve [...]
According to this week's GDP report, the real growth rate was minimal (around 1.1%) during the first quarter. On the other hand, inflation remains high, around 5.3%. This seems to reflect stagflation. Unfortunately, business equipment spending was around -7.3%, and inventories are down. PMI (Purchasing Managers' Index), an [...]
